Incorporating reward and recognition has become increasingly critical in current business environment. Employers need to design R&R programs that are adaptable to the pace of their growing business, as well as fine-tune to the ubiquitous economic climate. A superior reward and recognition system should motivate employees at the same time align their goals with that of the organization. Given the cost of reward and recognition programs it is imperative that organizations articulate a lucid deliberated strategy that reflects the requirements of its business and its people.
In these ever-changing economic scenarios, it has become more important than ever for businesses to evaluate their traditional approach to R&R and draw up reward and recognition practices as a business driver. This involves providing acknowledgement for quality work, while getting the most out of their rewards budgets.
Businesses can structure their philosophy by exploring formal and informal, monetary as well as non-monetary reward programs for the employees. Creating a reward and recognition program as a process that links organization goals with the requirement s of the employees, while upholding market competitiveness. It is imperative to address and recognize the workforce with an impartial and consistent approach.